ECON 1 Lecture Notes - Lecture 4: Demand Curve, Rolex, Competitive Equilibrium

21 views4 pages

Verified Note

turquoisecamel352

6 Oct 2018

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

ECON 1 verified notes

4/31View all

ECON 1 Lecture Notes - Lecture 3: Standard-Definition Television, Ebay, Starbucks

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Rolex, Competitive Equilibrium

ECON 1 Lecture 5: Econ note day 5 10/8/18

Document Summary

A demander"s consumer surplus from purchasing a unit of some good is defined to be the difference between. His buyer value and the price of the good. A theory to explain what happened in experiment 1. There are enough people in the market that the individual does not believe he/she does not have the power to change the market. Ex//: guy says he will sell rolex in next 15 minutes and you"re the only one there, so you only offer 1 cent. Economists like competition because it forces buyers and sellers to push prices, and it takes away power from individuals. Price have a coordinating function over specialization, etc. Variations in price in the same round due to many individual factors. World is complex (you need to simplify) Let me tell you how the world really works. Some are just more explicit than others. Demand schedule: how much demanded at every price.

Related Questions

Any help with any of these items would be amazing...thanks in advance

1. Explain the difference between the change in Supply and change in quantity supplied. Draw a diagram of the two changes and provide an example.

2.Draw, label and describe the 5 elastic measures-provide an examble of each.

3. Carefully draw, label and explain the Total Utility vs. Marginal Utility curves on a diagram. How do we define equilibrium in Utility Theory?

4. Indifference Curves: Carefully draw, label and expalin the budget line vs. indifference consumption curve and show equilibrium.

5. Describe the following Production Cost Terms: The short run, the long run, the very long run, implicit costs, explicit costs, acounting profits, economic profits.

6. Draw the profit max diagram of a monopoly and perfect competition. Compare and contrast both diagrams.

7. Just recently google was found not guilty in a major anti-trust case. Was googel 1. attempting to monopolize a market? 2.Attempting to become the oligopolisitc leader or 3. just engage in fair competition. Explain each concept carefully.

8. Summarize the MPP>MPC>MRP rule. How does it explain how your wages are determined? Provide a personal example.

9. Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?

10. Dr. Joseph Stiglits, Nobel Economist, recently published "The Price of Inequality". In the book, he states the gap between the very wealthy and eeryone else has caused our economy to falter, and will continue this trend unless we are able to reverse course. For example, the Median wealth fell by 40% between 2007 and 2010, while the wealthy became wealthier. Is the current economic largess due to our high national debt or the slowdown in consumer spending, please explain.

Type your question here

taupealpaca456

Let A be a builder, B a shoemaker, C a house, D a shoe. The builder, then, must get from the shoemaker the latter's work, and must himself give him in return his own. If then, first there is proportionate equality of goods, and then reciprocal action takes place, the result we mention will be effected. If not, the bargain is not equal, and does not hold; for there is nothing to prevent the work of the one being better than that of the other; they must therefore be equated. (And this is true of the other arts also; for they would have been destroyed in what the patient suffered had not been just what the agent did, and of the same amount and kind.) For it is not two doctors that associate for exchange, but a doctor and a farmer, or in general people who are different and unequal; but these must be equated. This is why all things that are exchanged must be somehow comparable. It is for this end that money has been introduced, and it becomes in a sense an intermediate; for it measures all things, and therefore the excess and the defect-how many shoes are equal to a house or to a given amount of food. The number of shoes exchanged for a house (or for a given amount of food) must therefore correspond to the ratio of builder to the shoemaker. For if this is not so, there will be no exchange and no intercourse. And this proportion will not be affected unless the goods are somehow equal. All goods must therefore be measured by some one thing, as we said before. (Aristotle Nicomachean Ethics Book V. What two functions of money is Aristotle describing in this passage? [Select two answers]. Unit of Account, Store of Value, Medium of Exchange, Liquidity. Initially, 20,000 pairs of shoes can buy one house. Additionally, the price of one pair of shoes $50. What is the price of one house? $500,000, $1,000,000, $10,000,000, $5,000,000. Suppose the central bank increases the money supply. After the action by the central bank, the price of a pair of shoes is now $75. What is the price of one house? $1,500,000, $3,000,000, $15,000,000, Not enough information. Based on your answers above, what is the theory that explains the relationship between the price of a pair of shoes and the price of a house?

browngnat924

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Rolex, Competitive Equilibrium

ECON 1 Lecture Notes - Lecture 3: Standard-Definition Television, Ebay, Starbucks

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Rolex, Competitive Equilibrium

ECON 1 Lecture 5: Econ note day 5 10/8/18

Document Summary

Get access

Related Documents

ECON 1 Lecture Notes - Lecture 2: Demand Curve, Competitive Equilibrium

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Competitive Equilibrium

ECON 1 Lecture Notes - Lecture 4: Microsoft Powerpoint, Demand Curve, Competitive Equilibrium

Related Questions